Vietnam eyes 1.9 trillion USD Halal market

Le Phuong
Chia sẻ

(VOVWORLD) - The global Halal market is expanding rapidly with higher spending on Halal goods and services. Vietnamese businesses have eyed this lucrative market worth trillions of dollars.

Vietnam eyes 1.9 trillion USD Halal market - ảnh 1(Photo:

The Global Islamic Economic Report 2021 forecasts that spending on Halal food will increase from 1.4 trillion USD in 2020 to 1.9 trillion USD in 2024 and 15 trillion USD in 2050. Higher demand for Halal products is attributed to the increase in the number of Muslims as well as new consumption trends. The global Halal market is lucrative as global Muslim spending is forecast to grow rapidly.

Vietnam is a credible agro-forestry-fishery exporter in the world and an important link in leading regional chain as it joins 17 free trade agreements such as CPTPP, EVFTA, and RCEP. Many of Vietnam’s agricultural products have met food hygiene and safety standards and Halal certification and are favored by Muslims. Vietnam's agricultural, forestry, and fishery products have been exported to Malaysia, Saudi Arabia, the United Arab Emirates (UAE), Egypt, Qatar, Turkey, Iraq, and Ivory Coast.

But Vietnam’s Halal food has been limited to raw agricultural and fishery products, mainly confectionery, cereal products, rice, seafood, cashew nuts, coffee, vegetables, pepper, and tea. The biggest obstacle is to satisfy 200 Halal standards of each market.

Nhu Duc Canh, Director of Duoc Hoa Xanh Company, said: “We are reaching out to the Middle East market. We need to complete a lot of legal procedures to export globally.”

Deputy Foreign Minister Pham Quang Hieu told a conference on enhancing international cooperation to develop Vietnam’s Halal industry that the government pays attention to helping Vietnamese businesses to enter the global Halal market.

He said the Ministry of Foreign Affairs will coordinate with the Government Committee for Religious Affairs, the Ministries of Agriculture and Rural Development, Science and Technology, and Industry and Trade, and other agencies to support localities and businesses to develop Vietnam's Halal industry.